33-27-7. Right of beneficiaries and assignees of insurance policies to proceeds as against creditors and representatives of insured.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
The proceeds and avails of any group life insurance policy shall be free from the claims of creditors and representatives of the insured and of the person effecting the same to the same extent and under the same conditions as provided for in the case of other life insurance policies under Code Section 33-25-11.#
(b)
This Code section shall not apply to group life insurance issued to a creditor covering his debtors to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance was issued.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1933, § 56-2706, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1982, p. 3, § 33.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch23-65-(v25)-2020-pdf.pdf, Volume V25, 2020 edition, pages 485 to 486; merge action: carried; file SHA-256 1cdfeaa4b73e.